Last week we discussedthe possibility of UBS leaving Stamford, Connecticut, where the bank built the largest trading floor in the world back in the 90's. While their lease is not up until 2015, talks with developers like Larry Silverstein, about a possible deal at 3 World Trade Center, which conveniently has 5 trading floors located in “Tower 3,” have recently moved from very casual to semi-casual, and considering that management is of the opinion that the firm's recent issues are merely a matter of no one wanting to work in CT, the idea that they would leave is at least somewhat plausible. On Friday, a bunch of Stamfordians were asked how they'd feel about living in a city in which UBS didn't exist and the responses ranged from confused to angry to devastated (on the flip side, one employee deemed the potential move and $300/month he'd save "awesome" and another commented “What’s the big deal? So we move out, and a nice big Costco moves in. Life goes on.") According to Stamford Mayor Michael Pavia, however, the tears are for naught.
Appearing on Bloomberg TV, Pavia told Margaret Brennan he "does not believe" UBS is going anywhere, for a few reasons.
1) UBS is "part of the fabric of Stamford" (they're sponsoring the circus, Pavia noted)
2) UBS is simply doing "a ground up analysis of their business"
3) UBS is going to remember "all the same things that attracted them to Stamford in the first place, only better" (45 minutes from New York, vibrant downtown, 8th safest city in the country)
Sorry, Costco lovers.